The Amending Protocol and its Additional Protocol for the Convention between Portugal and Switzerland to avoid the double taxation regarding the Income and Capital has been already ratified by the Portuguese Parliament. This agreement aims to fight fiscal evasion, and for this reason, includes a clause that will allow the exchange of information between the tax authorities of both countries. As such, if one of this two States requests information, the other State “will use the power it possesses to obtain the requested information, even if this State does not need this information for its own purposes.”
Therefore, the Swiss Banks will give the information regarding the bank deposits and financial applications of the Portuguese clients, without the possibility to invoke the bank secrecy.
The agreement was approved last May 3rd.